Cryptocurrency market update: Bitcoin and major altcoins claw back some ground

The cryptocurrency market attempts a recovery within the recent ranges.

Bitcoin recovered from Thursday's losses, but $8,000 is still untouched.

NEM is the fastest growing coin out of top-20.

The cryptocurrency market is range-bound with a bullish bias. Bitcoin and all major altcoins are still locked in the recent ranges; however, the upside momentum might gain traction into the end of the week. The total capitalization of all digital coins in circulation surged to $245 billion from $238 billion this time on Thursday; an average daily trading volume settled at $74 billion, according to the statistics provided by CoinMarketCap.

Top-3 coins price overview

Bitcoin is changing hands at $7,867, gaining over 3% since this time on Thursday. The first digital coin surged to $7,980 during early Asian hours, but failed to hold the ground and retreated under $7,800 amid speculative positioning.

Ethereum, the second largest digital asset with the current market capitalization of $26 billion, is trading at $245. ETH/USD has barely changed in recent 24 hours. The price tested waters above $247.00 barrier, but the upside momentum proved to be unsustainable.

Ripple's XRP is hovering marginally below $0.3800, unchanged both on a day-on-day basis and since the beginning of Friday. The coin is locked in a tight range amid declining volatility.

The biggest market-movers

NEM has been pretty volatile lately. The coin is recovering rapidly after a sharp sell-off on Thursday. NEM/USD has gained 8% in recent 24 hours and became the fastest growing coin out of top-20.

Tezos is another market leader. The coin's value has grown by 5.6% since this time on Thursday and settled at $1.63 by the time of writing.

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Latest Crypto News & Analysis

Editors’ Picks

Having failed several attempts to hold the upside above the 9700-mark, Bitcoin (BTC/USD) is consolidating in familiar ranges around 9650 amid quiet trading so far this Sunday. Range play to extend as long as it remains trapped between two key HMAs.

XRP/USD is struggling to extend its recovery beyond 0.20 on Saturday, as the bulls remain in a wait-and-see for the fourth straight session. While extending the range play, the bears are seen fighting back control, as suggested by the near-term technical set up.

Bitcoin Cash (BCH/USD) is consolidating the latest uptick to a daily high of 257.50, having recovered losses following a dip to 253.47. The No. 5 coin has charted a bullish breakout on the hourly chart. The bulls look to extend the upside break to $280.

Crypto bulls are trying hard to extend the recovery on Saturday. Ethereum outperforms Bitcoin and Ripple, looking to settle the week with 4.50% gains. The top 2 widely traded coins are poised for additional upside.

BEST CRYPTO BROKERS/EXCHANGES

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings.

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